Fun

Backpack crypto exchange’s success is a testament to a maturing industry: Founder

News Feed - 2024-02-28 03:02:30

Zoltan Vardai5 hours agoBackpack crypto exchange’s success is a testament to a maturing industry: FounderThe crypto industry is at an inflection point following legacy bank failures and black swan events in the crypto space, according to the Mad Lads founder.256 Total views1 Total sharesListen to article 0:00InterviewOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe success of the recently launched Backpack cryptocurrency exchange was a testament to a maturing crypto industry that demands more trustworthy exchanges, Armani Ferrante, the founder and CEO of Backpack, told Cointelegraph in an exclusive interview on Feb. 27.


“What we saw was ultimately just validation of the thesis that the world needs a new trustworthy crypto exchange,” he said.


Backpack surpassed $1 billion in 24-hour volume on Feb. 18, within four days of the launch of its trading pre-season. The exchange’s daily trading volume was down 6.4% to $296 million in the 24 hours leading up to 4:30 pm UTC on Feb. 27, according to CoinGecko data.Trading volume metrics, Backpack exchange. Source: CoinGecko


Crypto investors are demanding more transparent solutions, following black swan events in both decentralized finance protocols and legacy financial institutions during the past two years, Ferrante told Cointelegraph, adding:“We’re at this inflection point in the industry where we’re rising out of the ashes of FTX, as you mentioned, but also bringing the industry into a more mature state. This includes everything from security to compliance and building deserved trust with the world.”


Several large regional banks collapsed in the United States in 2023, including Silicon Valley Bank, Signature Bank and First Republic Bank. Over in Switzerland, Credit Suisse, which was the country’s second-largest bank, collapsed in March. Credit Suisse was acquired by the country’s central bank, UBS, on March 19 in an effort by Swiss authorities to avert a banking sector meltdown.


According to Ferrante, crypto can vastly improve on the shortcomings of legacy financial products, which is something that the founder will be aiming to accelerate in the future. He said:“We’re excited to bring to the world a lot of the real tangible benefits of blockchain technology to build next-generation financial infrastructure. We have a big opportunity, and I think a lot of it has already been validated.”


Ferrante added that the exchange is also focused on global expansion. Backpack received a virtual asset service provider license from the Dubai Virtual Assets Regulatory Authority in October 2023. The Solana-based exchange bagged many other operational licenses across several jurisdictions worldwide in the last half of 2023.


Related: MicroStrategy adds 3K BTC as Bitcoin ETFs are poised to surpass gold ETFs# Blockchain# Banks# Cryptocurrency Exchange# DeFi# ExchangesAdd reactionAdd reactionRead moreCoinbase expands asset recovery tool to Polygon and BNB ChainCrypto recaptures $2T market cap as Bitcoin climbs above $57,000

News Feed

Alameda Research CEO Caroline Ellison Reportedly Spotted at a Coffee Shop in Manhattan With FTX Dog ‘Gopher’
Alameda Research CEO Caroline Ellison Reportedly Spotted at a Coffee Shop in Manhattan With FTX Dog "Gopher" On Dec. 4, 2022, the Twitter account and citizen journalist called Auti
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison A cryptocurrency trader has been convicted in the U.S. for operating an unl
National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes
National Exchanges Reportedly Pause Operations in Venezuela, as Attorney General Confirms Crypto Watchdog Sunacrip Involvement in Oil Sale Schemes National cryptocurrency exchange
Mad Money’s Jim Cramer Wants Crypto Investors to Bet Against Him — ‘I Have Done This for 42 Years’
Mad Money"s Jim Cramer Wants Crypto Investors to Bet Against Him — "I Have Done This for 42 Years" The host of Mad Money, Jim Cramer, has challenged crypto investors to bet again
Ana Paula Pereira4 hours agoFTX estate stakes 5.5M Solana coinsThe coins staked worth $122 million and represent a small fraction of FTX"s holdings of Solana.1364 Total views5 Total sharesListen to article 0:00NewsJoin u
Singapore Grants Crypto Licenses to DBS and Independent Reserve
Singapore Grants Crypto Licenses to DBS and Independent Reserve The Monetary Authority of Singapore (MAS), the country’s central bank, has formally approved two companies to
Joe Hall13 hours agoBulgaria’s oldest football club adopts Bitcoin and Lightning, joins NostrFootball meets finance: Bitcoin payments integration arrives at top-flight Bulgarian club, Botev Plovdiv FC.1932 Total views8
Chainlink Struggles At Key Resistance Level – $10 Support Back In Focus
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish
Biggest Movers: SOL, ADA Plunge, as Market Momentum Turns Bearish Solana slipped to a three-week low on Feb.10, as momentum in cryptocurrency markets remained firmly bearish. At th
Derek Andersen7 hours agoFCA releases guidance for compliance with new UK crypto asset promotion rulesThe regulator has made a few efforts to help crypto firms comply with the rules that came into force on Oct. 8.1440 To
Tether stablecoin USDT is coming to Celo blockchain
Helen Partz11 hours agoTether stablecoin USDT is coming to Celo blockchainTether has entered a collaboration with Celo to enable “sub-cent transaction fees” for USDT and facilitate feasible microtransactions.2366 Tot
Valkyrie Will Launch On-Chain Defi Fund Next Week
Valkyrie Will Launch On-Chain Defi Fund Next Week Valkyrie Investments, one of the biggest cryptocurrency asset managers, has announced it will launch a so-called on-chain defi fun